-- AT&T is the latest traditional media powerhouse looking to build up an online video platform. The telecommunications corporation has teamed up with The Chernin Group for a subscription-based online video service to rival the likes of Netflix and Hulu.

Few details are known about the joint venture, though reports claim the two companies will invest in advertising and subscription-based video-on-demand services, as well as online streaming. This investment will be split between the two companies and will reportedly total $500 million.

As more users move online for their TV and streaming needs, cable companies and ISPs have made plans to move more assertively into the digital TV industry. In addition to AT&T, Comcast is teaming up with Apple to create a versatile set-top box while Verizon has acquired Intel Media and its proprietary OnCue Cloud TV technology.

SUMMARY: Otter Media, the adorably-named joint venture between AT&T and the Chernin Group, just bought a majority stake in Fullscreen.

-- YouTube network and publishing services company Fullscreen has a new owner: Otter Media, the joint-venture between AT&T and the Chernin Group, has acquired a majority stake in Fullscreen, the parties announced Monday.

Financial details of the transaction weren’t released, but Fullscreen CEO George Strompolos, who previously handled partner relations for YouTube, will retain “a material ownership stake in the company,” according to the release. Fullscreen investor WPP will also keep a stake. Recode first reported about plans for this deal back in July.

Fullscreen could play a big role in Otter Media’s attempts to figure out the future of TV with a focus on niche programming — Crunchyroll, which caters to fans of Anime and Korean drama, is also part of the venture — and find new avenues of distribution through AT&T. Here’s how Strompolos put it in a blog post Monday: